SBETSharplink, Inc.

Finance Services

Revenue: $28M; 666% YoY
Operating margin: -2616.0%; 1911% YoY
EBITDA: −$734M; 15347% YoY
Market cap: $1.5B
Employees: —
Net debt / EBITDA: —; −$54M net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
49% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-181% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
49% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$48M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3M	$5M	$4M	$28M	666%
Operating income	−$14M	−$9M	−$5M	−$734M	15309%
Net income	−$15M	−$14M	$10M	−$735M	7374%
Operating cash flow	−$6M	$583K	−$23M	−$18M	23%
Capex	$13K	$12K	$2K	$11K	450%
Stock-based comp	$2M	$261K	$149K	$14M	9068%
Buybacks	—	—	—	$32M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 13, 2026	Lubin Joseph Michael	SCHEDULE 13D/A	4.9%	Passive
Apr 16, 2026	Lubin Joseph Michael	SCHEDULE 13D/A	7.8%	Passive
Jun 6, 2025	Lubin Joseph Michael	SCHEDULE 13D	9.9%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $48M · 5
Net: −$48M

Pay vs performance

No pay-versus-performance disclosure yet.